The APR is a calculated rate that not only includes the interest rate but also takes into account other lender fees required to finance the loan. The idea behind APR is to help consumers understand the tradeoffs between interest rate and the fees paid at closing.
An annual percentage rate, or APR, on the other hand, is the total cost of the loan expressed in annual terms. The APR includes the interest rate and all other fees, such as origination fees, in the calculation of what you’ll owe.
A credit card is a revolving line of credit, and there is no difference between a card’s interest rate and its APR. These two terms are used interchangeably, but when you look up a credit card’s terms, you’ll see it expressed as an APR.
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An interest rate percentage refers to the annual costs of borrowing, whereas APR refers to total loan costs expressed on an annual basis.
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When interest compounds, you effectively earn interest on your interest and the longer your time frame for investing and saving, the more potential your money has to grow. Both APR (annual percentage rate) and APY (annual percentage yield) are commonly used to reflect the interest rate paid on a savings account , loan, money market or certificate of deposit.
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Simply put, the interest rate is the cost you will pay each day the borrowed money is owed, expressed as a percentage rate. In other words, "it does not reflect fees or any other charges you may have to pay for the loan," says Staci Titsworth, regional manager of PNC Mortgage in Pittsburgh.
The higher it is, the more risk the lender is taking on by lending you money, and it may charge a higher interest rate to compensate. cash on hand to pay the difference.